Invesco Ltd. Takes Position in ArriVent BioPharma, Inc. (NASDAQ:AVBP)

Invesco Ltd. purchased a new position in ArriVent BioPharma, Inc. (NASDAQ:AVBP) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 15,339 shares of the company’s stock, valued at approximately $409,000.

A number of other hedge funds also recently bought and sold shares of AVBP. Mirae Asset Global Investments Co. Ltd. purchased a new position in ArriVent BioPharma in the fourth quarter worth about $31,000. KLP Kapitalforvaltning AS bought a new stake in shares of ArriVent BioPharma during the fourth quarter valued at approximately $83,000. China Universal Asset Management Co. Ltd. purchased a new position in ArriVent BioPharma in the 4th quarter worth approximately $190,000. New York State Common Retirement Fund lifted its position in ArriVent BioPharma by 34.6% in the 4th quarter. New York State Common Retirement Fund now owns 7,783 shares of the company’s stock valued at $207,000 after acquiring an additional 2,000 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in ArriVent BioPharma by 183.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 12,445 shares of the company’s stock valued at $292,000 after purchasing an additional 8,050 shares during the last quarter. Institutional investors own 9.48% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on AVBP. B. Riley initiated coverage on ArriVent BioPharma in a research note on Thursday, March 20th. They issued a “buy” rating and a $37.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $39.00 target price on shares of ArriVent BioPharma in a research report on Friday, March 7th. Finally, Guggenheim started coverage on shares of ArriVent BioPharma in a research note on Monday, March 10th. They set a “buy” rating and a $45.00 target price on the stock. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $39.00.

ArriVent BioPharma Stock Performance

Shares of NASDAQ:AVBP opened at $21.30 on Friday. The stock’s 50-day simple moving average is $19.83 and its two-hundred day simple moving average is $25.21. The stock has a market capitalization of $724.54 million, a price-to-earnings ratio of -8.29 and a beta of 1.66. ArriVent BioPharma, Inc. has a 52-week low of $15.47 and a 52-week high of $36.37.

ArriVent BioPharma (NASDAQ:AVBP) last announced its earnings results on Monday, March 3rd. The company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.18. As a group, equities analysts forecast that ArriVent BioPharma, Inc. will post -2.74 earnings per share for the current fiscal year.

ArriVent BioPharma Profile

ArriVent BioPharma, Inc operates as a clinical-stage biopharmaceutical company that engages in the identification, development, and commercialization of medicines for the unmet medical needs of patients with cancers in the United States. It also engages in the development and commercialization of targeted cancer therapies for non-small cell lung cancer (NSCLC) and other solid tumors.